Global VTOL UAV Market to Attain USD 10.16 Billion Revenue By 2024
Posted On September 25, 2018
Value Market Research in its new research report on Global VTOL UAV Market foresees the demand for VTOL UAV to be driven by rising territorial disputes and internal as well as the external security threats spread worldwide. Analysis depicts that the global VTOL UAV market was valued USD 3.15 MN (by revenue) in 2017 and is projected to touch USD 10.16 Billion by 2024 with a CAGR of 18.1%. The global VTOL UAV market is expected to represent incremental opportunity during the forecast period.
Their demand is also commercially high owing to the growing number of international territorial conflicts and insurgency issues. The advent of technological advancement in terms of surveillance and security system along with the rising demand of VTOL UAV from the military and defense sector is again propelling the market growth. Rising expenditure by government on military and security system is another major factor fueling the demand of VTOL UAV.
The recently updated report "Global VTOL UAV Market Report By Type (Helicopter, Multicopter, And Hybrid), Applications (Military, Homeland Security, And Civil & Commercial), Size (Large, Medium And Small), Payload (Payload, ISR, Cameras, Telemetry, Sensors, And Autopilot), And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024" details the futuristic market size bifurcated regionally as well globally. The data is based on industry trends and market players’ detailed data collected through primary and secondary sources.
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The VTOL (Vertical Takeoff and Landing) is technically a next-generation aircraft platform that can hover, take off, and land vertically. They are often preferred for mission’s task which is mostly originated in the military sector, although their application is expanding in commercial, scientific, agricultural and other applications for surveillance, reconnaissance, exploration, mapping, aerial photography, etc. Most of VTOL UAV system can float as well as restart automatically afte landing and doesn’t need a runway or special take-off or landing gear. Further adding to this, few of them are also equipped with cameras and can record images/ videos in the floating or landed state, which is either stored or transmitted by radio technology.
The report covers segmentation based on type, application, size, payloads, and region. Based on type VTOL UAV is split into helicopter, multicopter, and hybrid. Out of which, multi-copter is a most popular type of drone among different types of UAVs, because of its vertical takeoff and landing (VTOL) capability. Also, it is mostly in demand by professionals and hobbyists because of its small size and ready to fly out of the box capabilities. Application area includes military, homeland security, and civil & commercial. The military is dominating the segment since they are mostly designed for mission task such as intelligence, surveillance, target acquisition and reconnaissance (ISTAR), search and rescue, port and coastal protection, battlefield management, as well as they are capable of operating day or night in harsh weather conditions. Therefore, owing to the rising concern over protection and security across the globe is expected to fuel the demand for UAV in the military. Size is segregated into large, medium and small. Small size UAV is gaining popularity owing to rising use of UAV for reconnaissance and surveillance applications. Payloads section include payload, ISR, cameras, telemetry, sensors, and autopilot. Out of which, ISR is leading the segment since it is an important part of unmanned aerial vehicles. Intelligence, surveillance, reconnaissance (ISR) is increasingly being used for military and homeland security.
Segmentation of region covers, North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is dominating the global VTOL UAV market since it is considered as one of the biggest spenders on the military and homeland security.
The Report Segments Global VTOL UAV Market -
- Homeland Security
- Civil & Commercial
- Intelligence, Surveillance and Reconnaissance (ISR)
- North America
- Latin America
- Middle East & Africa
DJI Company, Israel Aerospace Industries Limited, Lockheed Martin Corporation, and Northrop Grumman Corporation.
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